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Home » Technology » XRP worth over $750 million moved between multiple accounts; follows the path taken by Coinbase

XRP worth over $750 million moved between multiple accounts; follows the path taken by Coinbase

The start of the year saw massive shifts in the cryptocurrency industry with price hikes being a staple across the charts. XRP, which had created ripples in the industry in 2018, looks to be doing the same thing this year with recent news showing massive movement in the cryptocurrency.

Reports show that XRP worth more than $755 million was transferred between Ripple’s Over-the-Counter [OTC] wallets, Ripple’s escrow accounts, and unknown wallets. The discovery also shows that the amount of XRP moved came close to a massive 2.134 million tokens.

The first movement of tokens came from a Ripple OTC wallet, with 10,000,000 XRP being moved to an unknown wallet. The second transaction included a 500,000,000 token movement from a Ripple Escrow wallet to an unknown wallet.

The movement between two unknown wallets was also made prominent, as pointed out by the 300,000,000 XRP transfer. Three other following transactions amounting to a figure of 1.416 billion XRP’s completed the seven transaction cycle. This is not the first time that such massive XRP transactions have taken place, with $90 million worth of unknown XRP transactions taking place just last week.

The movement was brought to notice by Whale Alert, a Twitter handle, which stated:

Before the close of 2018, the cryptosphere had witnessed a huge number of cryptocurrency transactions, mostly spearheaded by Coinbase, the largest cryptocurrency exchange. The Brian Armstrong-led company had moved about $5 billion worth of cryptocurrencies on their platform. Coinbase had revealed in an official blog post:

“Last week we successfully completed an on-blockchain migration of approximately $5 Billion (as valued the week ending Dec. 7, 2018) of cryptocurrency from Generation Three to Generation Four of our cold storage infrastructure. To our knowledge, this is the largest movement of cryptocurrency (certainly in USD terms, potentially in absolute terms) ever undertaken.”

With a focus on storing assets in cold wallets, Coinbase has stated that the company is taking steps to ensure the proper hold on the currencies. The company said:

“We successfully completed an on-blockchain migration of approximately $5 Billion (as valued the week ending Dec. 7, 2018) of cryptocurrency from Generation Three to Generation Four of our cold storage infrastructure.”